The statement "There is no accounting for taste" implies
A) individuals all have the same preferences.
B) individuals all have different cardinal preferences but the same ordinal preferences.
C) individuals all have different ordinal preferences but the same cardinal preferences.
D) individuals all have different ordinal and cardinal preferences.
D
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If real wages fall as output rises, then in the classical model it must be the case that
a. labor demand rose. b. labor demand fell. c. labor supply rose. d. labor supply fell. e. none of the above.
A drop in dollar price of British pounds means that
a. fewer dollars are needed to buy British pounds b. more dollars are needed to buy British pounds c. the mark has appreciated d. the dollar has depreciated e. British goods are now more expensive to Americans
Average fixed cost is defined as:
A. total variable cost divided by quantity. B. quantity divided by total variable cost. C. the change in total variable cost divided by the change in quantity. D. total fixed cost divided by quantity.
Compared to a proprietorship, a disadvantage of a partnership is
A. that potential liability to each partner is greater. B. that profits are taxed twice. C. unlimited liability. D. that it is harder to keep the firm going after the death of an owner.